Greene County Bancorp (NASDAQ:ICBK) Inc. (NASDAQ:GCBC) has appointed Nick Barzee as Senior Vice President and Chief Financial Officer, effective today, following the retirement of former CFO Michelle Plummer. The transition is part of the New York-based savings institution's long-term succession planning, initially announced on January 16, 2024.
Barzee, 39, advanced to his new role after serving as Vice President, Director of Finance since 2023. He joined Greene County Bancorp and The Bank of Greene County as Vice President, Controller in April 2021.
His prior experience includes a significant tenure at KPMG, where he worked in financial services and attained the position of Senior Manager since starting there in 2008. Barzee is a Certified Public Accountant and has no disclosed transactions that would necessitate reporting under SEC Regulation S-K Item 404(a).
In conjunction with his new position, Barzee will participate in The Bank of Greene County Supplemental Executive Retirement Plan (SERP), which offers retirement, death, disability, or termination benefits, excluding dismissals for "cause."
The SERP allows for deferred compensation of up to 50% of salary and 100% of bonuses, with additional discretionary contributions possible. Barzee's vesting in the plan spans 20 years, with no vested interest until 10 years of service, reaching 100% upon 20 years of service. Still, vesting accelerates in cases of death, disability, or a change in control of the Bank or the Company.
This information is based on a press release statement filed with the SEC.
InvestingPro Insights
Amidst executive transitions, Greene County Bancorp Inc. (NASDAQ:GCBC) demonstrates a robust financial track record, as evidenced by the company's dedication to shareholder returns. An InvestingPro Tip points out that GCBC has consistently raised its dividend for 10 consecutive years, showcasing a commitment to returning value to its shareholders.
Furthermore, the company has maintained dividend payments for an impressive 25 consecutive years, underscoring its financial stability and reliability as an income-generating investment.
On the performance front, Greene County Bancorp has enjoyed a strong return over the last three months, with the price total return reaching 26.35%. This momentum is part of a longer-term trend, with the company also reporting a high return over the last decade. Investors looking for additional InvestingPro Tips on GCBC can find more insights, including 6 more tips, on the InvestingPro platform.
From a valuation standpoint, the current P/E Ratio stands at 22.63, reflecting the market's sentiment towards the company's earnings capacity. Despite a recent decline in revenue growth, as seen in the last twelve months as of Q3 2024, with a -13.32% change, the company's operating income margin remains strong at 44.25%. This suggests efficient management of operating expenses relative to gross profits.
For investors seeking to deepen their analysis, Greene County Bancorp's fair value is estimated at 21.35 USD according to InvestingPro, providing a reference point for evaluating the current market price. To access a full suite of analytics and additional tips, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
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